To continue using this website, please tell us a little about yourself:

I am a financial adviser

I am a discretionary fund manager / multimanager

I am a financial paraplanner

I work in financial services

I am a private investor

This site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set.
You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more
about cookies on the website and how to delete cookies, see our Privacy and Cookie Policy.

Customise this table

Afren PLC (AFR)

Afren PLC

Positive test results from the Simrit-2 well

RNS Number : 8590Z

Afren PLC

13 March 2013

﻿

Afren plc (AFR LN)

Positive test results from the Simrit-2 well on the Ain Sifni Block, Kurdistan Region of Iraq

London, 13 March 2013 - Afren plc ("Afren" or the "Group") announces an update on the on-going testing programme on the Hunt Oil Middle East (HOME) operated Simrit-2 well, yielding incremental flow rates of 5,368 bopd, with a cumulative rate of 18,952 bopd from six of the 12 zones tested.

Following the conclusion of drilling operations at the Simrit-2 well, located on the northern part of the Ain Sifni PSC, Kurdistan region of Iraq, the Partners have successfully completed three further DSTs in the Jurassic Mus, Adiayah and Butmah formations yielding incremental flow rates of 5,368 bopd of 21o API oil using the Hitech-3 rig. The Partners have now achieved aggregate flow rates of 18,952 bopd to date. The remaining testing operations will focus on Upper Jurassic and Cretaceous reservoirs.

Oil rate (bopd)

Gas rate (mmscfg/d)

Kurra Chine formation

Zone A (11,329 - 11,562 ft)

6,200

3.5

Zone B (11,929 - 11,975 ft & 11,988 - 12,034 ft)

3,102

10.0

Zone C (12,139 - 12,467 ft)

4,282

10.0

Mus formation (8,340 - 8,415 ft)

3,197

0.1

Adaiyah formation (8,543 - 8,681 ft)

2,121

0.3

Butmah formation (8,930 - 8,990 ft)

50

0

Aggregate rate

18,952

23.9

The Simrit-2 exploration well was drilled to a depth of 12,467 ft and encountered an estimated 1,509 ft of net oil pay.

Drilling on the Simrit-3 well, exploring the eastern extent of the large scale Simrit anticline is continuing. The well is currently operating at 11,483 ft having drilled and logged hydrocarbon bearing intervals in the Cretaceous, Jurassic and Triassic reservoirs. A multi-zone testing programme is being prepared when drilling operations conclude.

Afren has a 20 per cent interest in the Ain Sifni PSC and is partnered by Hunt Oil Middle East (60 per cent. and operator) and Kurdistan Regional Government (20 per cent.).

Osman Shahenshah, Chief Executive of Afren, commented:

"The latest test results on the Simrit-2 exploration well continue to suggest excellent production capability and the transformational potential of this discovery to Afren. The Simrit-3 well is drilling ahead and confirms the eastern extent of the large scale Simrit anticline."

For further information contact:

Pelham Bell Pottinger (+44 20 7861 3232)

James Henderson

Mark Antelme

Notes to Editors

Afren plc

Afren is an independent upstream oil and gas exploration and production company listed on the main market of the London Stock Exchange and constituent of the Financial Times Stock Exchange Index of the leading 250 UK listed companies. Afren has a portfolio of 28 assets across 12 countries spanning the full cycle E&P value chain. Afren is currently producing from its assets in Nigeria, Côte d'Ivoire and the Kurdistan region of Iraq and holds further interests in Ghana, Nigeria, Côte d'Ivoire, the Kurdistan region of Iraq, Congo Brazzaville, the Joint Development Zone of Nigeria - São Tomé & Príncipe, Kenya, Ethiopia, Madagascar, Seychelles, Tanzania and South Africa. For more information please refer to www.afren.com.

Data provided by FE. Care has been taken to ensure that the information is correct, but FE neither warrants, represents nor guarantees the contents of information, nor does it accept any responsibility for errors, inaccuracies, omissions or any inconsistencies herein. Past performance does not predict future performance, it should not be the main or sole reason for making an investment decision. The value of investments and any income from them can fall as well as rise.